Even for miners of bitcoins, which are not actually interested about selling the coins that they produce, at least not now, the exchange rate of this currency is of interest. After all, you need to know how much value you have in your hands, even if you don’t want to exchange it for money right now. For speculators and analysts that are interested more about the financial part of the Bitcoin phenomenon, the exchange rate is even more interesting, and the websites offering conversion services are important for them.
Where can you use Bitcoins?
One of the most important websites where products and services are exchanged for Bitcoins is BitStamp, an online place where transaction worth 2 million dollars are made every month, in Bitcoins. Unfortunately, PayPal and Credit Cards can still not be used to buy or sell bitcoins, as this currency is a discrete one, therefore chargeback claims would be many. The seller of bitcoins has no proof that he sold the currency to a certain person that paid with PayPal or credit card, so the chargeback claims would be plenty. On the other hand, there are numerous websites where people can exchange bitcoins for dollars and other currencies.
BitStamp also offers other facilities, such as direct exchanges between bitcoins and other currencies. The most surprising fact about it is the fact that the majority of transactions made here are buying and selling bitcoins for USD by…European users. In other words, companies and individuals from Europe prefer to buy or sell bitcoins, but they like to use the dollar for this. The transaction fees are small, 0.25 to 0.60% of the sums, which makes BitStamp one of the central hubs for bitcoin operations in the online world.
Other websites where you can exchange Bitcoins
Even if this website is currently useful for transactions involving bitcoins and the Thailand Baht, it is interesting because it is somewhat breaking the laws of this country, without necessarily being illegal. The Thai government imposed restrictions for the national currency in Thailand, to limit speculations. For international trades, the Thai Offshore Baht is used.
However, as the bitcoin is not regulated by any country, it is possible to exchange the Thai Baht for bitcoins, and this can be done on this website. This is about the only service that is offered by this website, but it is a smart principle that could be easily adapted for currencies of other countries where such restrictions are imposed.
MtGox is considered one of the most reliable resources when it comes to bitcoin transactions. First, it has a live feeder on the upside toolbar, offering visitors all the important details about bitcoins, including the exchange rate of BTC/USD and the total volume of transactions, but also for other currencies.
It handles about 80% of the total volume of bitcoin trades. From the technical part of bitcoins, such as mining and hardware, it is not that great, but it is one of the most important tools of the speculator arsenal.
At blockchain, you can receive and send bitcoins to other users, and you can initiate exchanges with national currencies with ease. Blockchain.info offers statistics, graphics and charts, as well as mining resources, guides and programs, and one of the safest wallets for bitcoins, and this is why this website is a great hub for so many bitcoin passionate miners and traders.
Other Bitcoin currency services
Besides common exchange rates, websites offering bitcoin transactions also allow people to make deposits in bitcoins. For example, SEPA is the most effective and used payment systems by banks in Europe, and though this system, the interested persons are able to buy and sell bitcoins with money directly from their banking accounts.
The effectiveness of this method was observed in April 2013, during the banking crisis in Cyprus, when large amounts of money were sent from those accounts to bitcoin wallets. The Cyprus government introduced restrictions to withdrawals and deposits during that period, but nothing stopped the bitcoin users to exchange Euros and Dollars with bitcoins, as this currency is not regulated.
This also brought the price of bitcoin from 90$ to 270$ in less than one week, bringing the attention of different governments over the power of bitcoin. Some of those organisms are prepared to debate laws and restrictions on bitcoin, and it is interesting to see if they succeed, considering that the bitcoin does not submit to the laws of any country.
Since then, investors and individuals from all over the world can use the services presented here to initiate bitcoin transactions, and to understand this phenomenon. For the moment, the bitcoin market floats freely, being influenced only by demand and offer, but it is unlikely to remain this way, as long as it messed up with the plans of some important governments and companies from all over the world.